The application period for the Senior Citizen Real Estate Tax Deferral Program has started. Home owners who will be age 65 or older by June 1st and whose households make less than $55,000 per year may qualify.
In the program, the state covers someone’s property tax bills up to $5,000 per year. The state charges 6% interest per year in exchange for waiting for payback for an unknown time. All the money has to be paid back right away when the home owner no longer qualifies for the program, when he or she sells the property, or when he or she dies.
The LaSalle County Treasurer’s Office is taking applications until March 1st.